RBI said that at the time of reset of interest rates, Regulated Entities (REs) should provide an option to borrowers to switch over to a fixed rate as per their board-approved policy.
The one-month and three-month MCLR have been increased from 7.60 per cent to 7.75 per cent; six-month and one-year MCLR have been hiked from 7.90 per cent to 8.05 per cent; three year MCLR has been hiked from 8.15 per cent to 8.25 per cent; three years MCLR has been hiked from 8.25 per cent to 8.35 per cent.
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